What To Do After Identity Theft: A Checklist

Wondering what to do after identity theft? If your personal information has been stolen, use this checklist to take quick action and make the recovery process smoother.

Identity theft is the crime of obtaining another person’s personal or financial information to assume that person’s identity in order to commit fraud, usually for financial gain. As a victim of identity theft, you may feel upset and overwhelmed knowing someone has access to your private information. However, recovering from identity theft is possible. By breaking the process down into steps and using the right resources, you’ll protect yourself and rebuild after identity theft.

Signs Of Identity Theft

Knowing the signs of scams like identity theft can help you lessen the financial loss, damage to your credit, and stress that comes with identity theft. Some signs of identity theft include:

• Receiving bills for items you didn’t purchase
• Calls from debt collection agencies for accounts you didn’t open
• Noticing information on your credit report for accounts you didn’t open
• Denials of loan applications

How Identity Theft Happens

Scammers use a variety of tactics to steal your identity, including in-person, online, and phone-based schemes. Below are some of the most common methods they use:

• Using phishing scams to get information from you
• Stealing your wallet or purse to get your ID, credit card, or debit card
• Going through your trash to find bank statements or tax documents
• Installing skimmers at ATMs, cash registers, and gas station pumps
• Getting personal information from your phone or computer when you use public Wi-Fi
• Data breaches

What To Do After Identity Theft

Recovering from identity theft can be overwhelming, but there are ways to help you take control of your finances. Follow these eight essential steps to report fraud, secure your accounts, and prevent further damage.

Eight Steps To Recovery

1. Call Companies Where Fraud Occurred

• Inform each company of the fraud
• Close account (if necessary)
• Change logins and create new passwords and Personal Identification Numbers (PINs)
• Utilize Two-Factor Authentication (2FA) or Multi-Factor Authentication (MFA) for added security

2. Obtain Credit Report & Set Fraud Alerts

• Visit annualcreditreport.com to obtain a credit report from three major credit reporting bureaus
• Review each report carefully
• Set fraud alerts with each credit reporting bureau

3. Report ID Theft To Federal Trade Commission

• Visit identitytheft.gov or call 877.438.4338 to complete the Identity Theft Report
• Follow the established recovery plan

4. File A Police Report

• Contact local law enforcement to inform them of theft
• Provide law enforcement with a copy of your FTC Identity Theft Report

5. Correct Credit Report

• Submit disputes to each credit reporting bureau that contains fraudulent account information
• These can be completed online at the credit bureau’s website or by mailing a dispute letter
• Let debt collectors know you are the victim of identity theft

6. Consider An Extended Fraud Alert Or Freeze

• Extended fraud alerts last for seven years
• Credit freezes last until you remove them

7. Contact Social Security Administration

• Create a My Social Security account at ssa.gov
• Review the earnings posted to your record
• Contact Social Security if you see inconsistencies

8. Contact The Internal Revenue Service (If Applicable)

• Respond immediately to any confirmed IRS notice by calling the number provided if you suspect your Social Security number has been misused

Fraud Alert Versus Credit Freeze

Fraud alerts and credit freezes are both helpful ways to help protect you after identity theft, but they work differently.

A fraud alert notifies creditors to take extra steps to verify your identity before opening new accounts in your name. It doesn’t block access to your credit report but makes it harder for scammers to misuse your information. You only need to place a fraud alert with one credit bureau, and they will notify the others.

A credit freeze completely restricts access to your credit report, preventing new credit accounts from being opened in your name. Unlike a fraud alert, a credit freeze requires you to contact each of the three credit bureaus: Experian, Equifax, and TransUnion.

Summary

Remember, don’t wait to respond if you’ve been the victim of identity theft. Not only will you limit your liability for the fraudulent transactions, but you may also be able to stop the fraud from making a mess of your life. Regularly obtaining and reviewing your credit reports can help you detect unauthorized activities early, allowing you to take swift action before the damage worsens.

Feeling uncertain about what to do first is common, but by springing into action and following these eight steps, you’ll be on the road to rebuilding your finances.

A+FCU Can Help You Recover From Identity Theft

A+FCU provides the tools to help you deter, detect, and defend against identity theft. Our members rely on our fraud detection resources to identify warning signs, review their credit reports, consult with experts, and take essential steps to report identity theft and restore their financial well-being.

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